Brent oil price achieved additional rise to touch our new waited target at 79.70$, but it faced negative pressures to settle below 78.47$, noticing that the price leans on the bullish channel’s support line and attempts to build new bullish wave, waiting to resume the positive trades in the upcoming sessions.
Stochastic shows positive signals that we are waiting to motivate the price to rise again, noting that the targets begin at 79.70$ and extend to 81.36$ after surpassing the previous level, while breaking 78.05$ will stop the expected rise and push the price to decline and test 76.68$ level before any new attempt to rise.
The expected trading range for today is between 77.00$ support and 80.20$ resistance.
Trend forecast: Bullish
Origin: Economies
